Should I look into buying, instead of renting?

One of my friends for years has said, that I should look into buying, because the mortgage she has paid over the years is much cheaper than I have been paying in rent. This friend has only about 6 years of her mortgage left and after mentioning it again, when I was chatting about places I had enquired renting wise, that were much cheaper to rent than where I currently live, to her, I am starting to wonder whether this should be the route I should start to look at.

After looking today at a few private properties for sale, the mortgage is hell of a lot cheaper than I pay. From using the mortgage calculators, it seems I could get a mortgage. But could I? I have thought about this option now more so, because I do not get help with my council tax and housing benefit is so low, I don’t even count this has part of my income, because I cannot rely on it. Last month housing benefit was under a fiver.
The reason why my housing and council tax benefits are affected, regardless that I work part-time, is because of my savings. So when I do overtime, the help gets lesser. I use just my income to get by and as you know, I am determined I won’t touch my savings, because if I still choose to rent privately, I still need my savings to get into that new private rented place, with me being only part-time work. I am still looking at getting another part-time job, which no doubt by then, all benefits will stop, if not before. The benefits won’t worry me of course when that happens, because it just means I can put even more into my ISA, without answering to them.

So with the savings I have, would I be wise sticking it out and try and get this second part-time job, then once this happens, look into buying? That way, I won’t have depleted my savings from moving to another private property, when I could save this for a deposit on a house.
Buying my own place has always been my dream and I would choose house any day over a car. Should I get a second job, being closer to buying my own place would feel more closer to happening, than just a dream, because of knowing what I could save.

7 thoughts on “Should I look into buying, instead of renting?

    1. I would have thought at the moment, that until I had a second job, it wouldn’t be possible. But if I was just this close, then with what I have in savings would mean, it would be so worth sticking out where I am, until the day came to buy, just so I can save on top of what I have and not like start again. I think it would certainly be worth me speaking to someone, either way. 🙂

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  1. If it’s always been a dream to own a home, dig deeper. For me personally, I will always rent, because I want the flexibility of moving around and living in different areas. Owning a home usually entails selling it before moving on, which I’d rather not go through again. xx

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    1. It has always been a dream. I have been saving from when I first ever started working. My savings used to be for my pets vets bills, if I had an unexpected amount to pay and in all the years I have owned pets, I only had to use the savings twice.
      I’m aware that I have buildings insurance to pay and that where I choose to live will be fixed. But fixed is where I rather be than my situation of renting. I know if I don’t do it yet, because it turns out I’m not able to, but able to once in another job, then I would love the opportunity if my mind is not changed, when I have looked into it even further.
      I would always look for at least a semi detached property and a two-bed one. Bungalow is my big dream, but a house would be the more realistic option, from what it seems currently. xx

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  2. I agree with Pascale. Another thing to consider is that with home ownership there can be unexpected repair bills, so you want to make sure you’re in a financial position to be able to handle that.

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    1. Yes. This is something I have took on board as well as building insurance. If mortgage appeared to be less than my rent as it does from my calculator, the extra I would have paid in rent, would be put in savings for the unexpected.
      I’m aware also if I went down this route, that I would not be on any holidays for a while. I still have some thinking and finding out to do.
      I shan’t be hasty, which ever way I choose; buying/renting.
      I would only take up renting if a council one was to be offered, as moving would not be expensive compared to the fees private lettings do.
      But should I change my mind and carry on choosing to rent, then I will know to accept a private property again, if the right one came up. I just did not want to touch savings if I was quite close to an opportunity of my own home. 🙂 xx

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  3. Thank you for your comments left here by everyone. It’s very much appreciated. x

    I am going to now close comments to this post now, as comments left here by you, are very helpful. 🙂

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